The Progressive Accountant - Tax (1552)
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Tax 1539
The assets of NextPoint Financial, parent of chain Liberty Tax, have been sold after approval by a Canadian Court and under Chapter 15 bankruptcy in the United States.
Liberty and Canadian Community Tax will continue to operate under the ownership of BP Commercial Funding Trust, Series SPL-X
The action was spurred by NextPoint’s disastrous acquisition of LoanMe, which was supposed to be operated in tandem with Liberty as a one-stop consumer operation. NextPoint purchased both LoanMe and Liberty in 2021 but shuttered LoanMe for new loans in July 2023. NextPoint sued AmeriFirst Home Improvement Finance seeking millions of dollars in damage for the alleged failure of AmeriFirst to live up to the terms of a loan servicing contract.
LoanMe, which had continued to service existing loans, will be wound down. NextPoint’s announcement said there would be no assets to distribute to creditors
View items...CCH Starts Tax School
- Thursday, 14 July 2011
- Tax
- Written by The Progressive Accountant
The CCH Learning & Development Academy has launch a School of Tax. It is the second professional development school - the first was the School of Audit program which debuted in 2009. The inaugural tax curricula focuses on beginning tax practitioners, including new hires from college, to staff with up to a year of experience. More advanced levels will be added.
Read more...
New in 2011 Tax Software
- Wednesday, 29 June 2011
- Tax
- Written by The Progressive Accountant
Tax preparers will begin using online tax application in great numbers. Mobile applications will be an increasingly important part of the process. But this year is not the year for those developments. All of that stuff will arrive, but most preparers are still merely dipping their toes in the water in online and mobile. Good old-fashioned changes such as the addition of states, efiling and dealing with the capabilities of multiple monitors is more the order of the day for 2011 tax software.
Read more...Committee Wants Greater eFiling Security
The Electronic Tax Administration Advisory Committee is urging the Internal Revenue Service to take steps to provide greater e-file security and to increase return accuracy. Those were among the recommendations the committee delivered in its annual report to Congress. It also wants legislators to fully fund the Modernized eFile program before the IRS undertakes any technology initiatives.
Read more...Mobile Remains Hot Button in Research
What tax research services to provide on mobile devices and how to provide them remains the hottest area for vendors offering these applications to tax professionals. But whatever direction the providers take, it's clear that resources available via notebooks and smartphones will expand dramatically this year.
Cat Lady Gets Partial Win over IRS
- Wednesday, 15 June 2011
- Tax
- Written by The Progressive Accountant
A woman who claimed a tax deduction for foster care for wild cats in her home - as many as 70 to 80 at a time - has won a partial victory over the Internal Revenue Service. The IRS had disallowed Jan Elizabeth Van Dusen's deduction of $12,068 as a charitable contribution on her 2004 tax return.
NSA Offers Tax Exam Review
- Tuesday, 31 May 2011
- Tax
- Written by The Progressive Accountant
The National Society of Accountants has launched a self-study Registered Tax Return Preparer Exam Review Course. The course is designed to enable those who must pass an exam from the Internal Revenue Service in order to demonstrate competency in preparing fedral tax returns.
ArkWorks Free in Two TaxWorks Bundles
- Tuesday, 17 May 2011
- Tax
- Written by The Progressive Accountant
RedGear Accounting is offering its ArkWorks for free along with two of the three versions of its 2011 TaxWorks tax preparation software. The company is bundling the document management package with the Gold and Platinum version of TaxWorks, but not with the Silver edition.
AICPA Wants eFiling for S Corp Form
- Tuesday, 10 May 2011
- Tax
- Written by The Progressive Accountant
Small businesses should be able to efile the form required for electing S corporation status, according to the American Institute of CPAs. The AICPA issued a comment letter to the Internal Revenue Service that said efiling Form 2553 would provide immediate, verifiable assurance of S election status and that currently the IRS's inability to verify that tne form has been filed results in delayed processing of S corp tax returns.
CCH Parent Expands Europe Tax Biz
- Friday, 06 May 2011
- Tax
- Written by The Progressive Accountant
Wolters Kluwer Tax & Accounting has acquired Belgium-based TopPower, a company that markets tax, accounting and ERP software. The parent of CCH said that TopPower has 4,500 clients. Terms of the acquisition were not disclosed. The acquired company's TopAccount software suite incorporates modular accounting and ERP software and also has vertical market applications. TopPower was founded in 1984.
NYSE to Delist Jackson Hewitt
- Thursday, 05 May 2011
- Tax
- Written by The Progressive Accountant
The New York Stock Exchange plans to suspend trading in the common stock of Jackson Hewitt before trading opens on Monday, May 9. The tax preparation company said it had received the delisting notice because its stock price, the aggregate value of its common stock and shareholder equity fell below listing requirements.
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